This Solana Metric Hits New ATH, But Where's SOL Price Headed Next?

The Solana (SOL) network's Monthly Active Addresses have soared to a new all-time high of 75 million, according to Artemis.

Solana (SOL) network activity has surged to new heights, with Monthly Active Addresses reaching a record high of 75 million, as reported by Artemis. This surge in activity comes at a time when SOL fiyatı is experiencing a shift.

Amidst this, Matthew Dixon, CEO of Evai, shared his insights on SOL's price action, utilizing Elliott Wave Theory to offer a technical perspective on the asset's potential direction.

Solana’s Monthly Active Addresses hits new ATH at 75m.

Data: @artemis__xyz pic.twitter.com/eY58Q2bfkN

SOL Price Analysis

Matthew Dixon’s analysis focuses on SOL's price structure, highlighting a classic five-wave decline followed by a corrective ABC retracement. As outlined in Dixon's tweet, the five-wave downtrend indicated a strong bearish impulse, which was then followed by an upward corrective structure—a three-wave zigzag formation.

In Dixon's interpretation, the length of wave C closely matched that of wave A, a typical occurrence in Elliott Wave Theory. This pattern suggests the conclusion of the retracement phase.

After completing the corrective ABC structure, SOL resumed its downward movement, aligning with Dixon’s expectation that further declines are on the horizon.

A clear picture from an Elliott Wave perspective.

Following the 5 waves down, #SOL gave us a perfect 3 wave retracement as a zigzag ABC with C=A

Then price headed back down again on cue allowing us to trade each of the waves successfully.

$SOL 🚀 – not just yet! – but soon imo pic.twitter.com/vmBPm0MiFd

Fibonacci Levels and Current Price Outlook

The chart shared by Dixon also points to key Fibonacci retracement levels. During the ABC correction, SOL's price briefly touched the 0.786 retracement level, with wave C nearing this point.

Prior to that, the 0.618 level acted as resistance, marking the end of the corrective phase. The retracement towards the 0.618 level once again suggests that SOL may be preparing to test lower levels before finding significant support.

Dixon’s analysis highlights the importance of these technical levels, as the price action has followed predictable patterns. However, Dixon cautions traders, advising patience before considering long positions, as the asset may not yet have reached its bottom.

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RSI Indicator Suggests Potential for Further Downside

The RSI featured in the chart shows a slightly oversold condition, adding to the narrative that SOL could see further declines before a potential reversal.

While the RSI signals that SOL is nearing a possible support zone, Dixon’s analysis suggests it is still too early to anticipate an upward move. In his tweet, Dixon emphasized that while SOL may be nearing a bottom, the current conditions do not yet favor a strong recovery.

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